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Estate Planning – Trust Litigation – Inheritance Disputes – Product Liability – Probate & Business – Trust Administration – Tax Planning
Are you looking for an estate planning attorney Mission Viejo, CA, residents trust? Our top industry-leading attorneys can help. Our team of highly accomplished attorneys specializes in estate planning and is committed to assisting you in achieving your financial goals. With 90+ years of collective experience, our law firm knows the ins and outs of estate planning. There’s no legal or financial issue too complex for our attorneys.
Plan With Professionals
Estate planning can be a daunting task for both you and your family. However, entrusting our skilled professionals at Law Stein Anderson ensures a thorough and comprehensive estate planning process. By doing so, you can have peace of mind knowing that your family will receive the complete value of your estate.
Benefits of Estate Planning in Mission Viejo, CA
Without a comprehensive estate plan in place, the court will have the authority to determine the distribution of your estate. However, by having a well-designed estate plan, you retain control over the destination of your assets. Estate planning empowers you to select the beneficiaries who will receive what you’ve worked so hard for.
Your loved ones will have to settle your affairs after you are gone. An estate plan makes this process much less difficult for them. Furthermore, settling assets in probate can become costly. Unfortunately, it can also lead to strife in your family. This is especially true if family members disagree on specific terms. During an already difficult time, family members mustn’t be pitted against one other while settling affairs. Having everything preemptively planned for them will keep things straightforward and peaceful.
Effective estate planning not only allows you to have control over the distribution of your assets but also offers the potential to minimize taxes on your estate. A skilled estate planning professional can provide valuable guidance on utilizing strategic gifting techniques and establishing trusts. Moreover, experienced estate planning services offer a wealth of expert advice and tips to help you reduce the tax obligations that your loved ones would otherwise have to bear. By implementing appropriate estate planning strategies, you can help mitigate the tax burden for your beneficiaries. Even just a bit of planning can significantly reduce their inheritance tax.
Power of Attorney
A power of attorney (POA) is a legally binding document that allows you to appoint someone to manage your property, medical, or financial affairs. The person appointed is called the attorney-in-fact or agent and must be at least 18 years old and of sound mind. When selecting this person, most people choose a person they trust and can count on.
While multiple attorneys-in-fact can be appointed, it can often be hard for the various agents to come to a single decision promptly, especially regarding the hard choices they must make for their loved one. For this reason, we usually recommend selecting one agent. If two become necessary, make sure the two appointed agents can work together well and are both aware of your wishes.
When to Estate Plan
The sooner you start estate planning, the better. It’s far better to estate plan when you have time to explore options and make rational decisions without being rushed. The result of a clear estate plan is less confusion and disputes among family members and heirs.
And just because you start early does not mean your estate plan has to be set in stone. They can change. In fact, estate plans should be reviewed regularly. They should be updated during times of significant change, such as marriages, births, divorces, and deaths. In some circumstances, even shifts in financial circumstances warrant an update to your estate plan.
Three Goals of Estate Planning
- Put your family’s game plan in writing. A properly drafted will and trust direct how your assets are handled at your death. You also get to choose who oversees that process. Otherwise, California law will determine how your estate is handled.
- The second goal of estate planning is to avoid probate. Probate is a court proceeding that is both expensive and time-consuming. In most cases, probate takes about 2 years to complete. However, more complex cases can take far longer.
- The final goal of estate planning is to save taxes. There are many taxes to avoid at death. Such taxes include income tax, estate tax, and property tax reassessments. A good estate plan minimizes taxes.
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SOUTHERN CALIFORNIA ATTORNEYS
We are an industry-leading estate, trust, and probate attorney serving clients with estate planning Irvine in CA and surrounding communities within Orange County, including Newport Beach and Laguna Beach.
We are an industry-leading estate, trust, and probate attorney serving clients in Mission Viejo, CA, and surrounding communities within Orange County, including Laguna Niguel and San Clemente.